Today, we presented the Sylvan Nook Food Pantry and the Crosspointe Biker Church with $1,000 each. We proudly made the donations in lieu of door prizes at our annual meeting. These donations were made in honor of our membership.

02/04/22

The drive-up at each location is open today to serve members. However, our lobbies are closed due to limited staffing.

We are here and ready to serve you at our drive-ups and by text or phone at 765.962.2561.

02/04/22

Due to the current conditions of the roads, all Natco offices and NCEC will operate on a 2-hour delay and open at 11:00 a.m.

All ACH (direct deposit) files will be posted as normal. Again today, there will be a small group working remotely to assist with concerns that cannot wait until we open at 11:00 a.m. Text 765.962.2561 if you need assistance prior to 11:00.

02/03/22 

In an effort to keep employees and members safe, we will be closed today (Thursday, February 3, 2022). All ACH (direct deposit) files will be posted as normal today. We have a small group of employees working remotely to assist members. If you have a question or need that cannot wait until we reopen, you can text us at 765.962.2561, call and leave a voicemail or send a secure message inside of home banking. We will respond as quickly as possible.

02/02/22

Because of the impending winter storm, we want to give members access to their direct deposits early, if we received them in today’s file. As a courtesy, at 1:00 pm today, we will be posting all ACH credits that we have received and are dated for tomorrow. This gives members access to their funds early so they can make any purchases today to prepare for the storm. Monitor your account balance and history in home banking, mobile banking, and PAL.  Even if our offices are closed tomorrow, we will post all ACH items that are received tomorrow as per our normal posting schedule.

We are watching the winter storm heading for Indiana very closely. If there are any changes to our regularly scheduled hours, we will post the changes on our website and our Facebook page. We will also send a text message to members who have a valid mobile number on file with us.

If we close one or more of our branches and you have a question or an immediate need that cannot wait until we reopen, there are multiple ways you can contact us. The best ways are by texting 765.962.2561 or calling us at the same number and leaving a voicemail. Members could also send a secure message inside of home banking.

In the event all offices are closed, we will have a limited number of staff members monitoring these queues and responding as quickly as possible, providing power outages don’t prevent us from gaining access to our systems.

For your safety during this winter storm, we encourage you to use our electronic services to obtain account information instead of traveling to one of our offices. Mobile deposit allows you to deposit checks using your mobile device utilizing the camera and using our mobile app. Enrollment is required. Learn more here – https://www.natcocu.org/mobile-deposit/.

Stay safe and stay warm!

Take Action: Tell Congress to oppose new IRS reporting provisions

Credit unions are closely monitoring an onerous tax provision being considered in a proposed $3.5 trillion “Build Back Better Act” reconciliation package. One measure for this legislation that has been discussed is a proposal by the Treasury Department to require financial institutions to report additional account holder information in an enhanced annual I.R.S. Form 1099-INT.  The House Ways and Means Committee completed its markup of draft infrastructure legislation without the troublesome IRS reporting provision. However, negotiations on the legislation are ongoing and it could still be added before this bill becomes law.

There have been some changes to the proposal but it would still require credit unions and banks to report the inflows and outflows of funds to accounts that have $10,000 or more flowing through over the course of the year. Whereas the Form 1099-INT currently reports taxable activity, this new reporting requirement would not reflect any taxable activity. Instead, what the administration hopes the IRS would be able to do is to use this enormous data grab to identify unreported taxable income. But it’s not clear how the IRS will use this data to accomplish its goal. Further, the federal government’s history of keeping this type of data secure is dubious at best. There may be some exceptions for payroll and Social Security income, but that would only make the process more complicated and costly.

What is certain is that if it is enacted, this proposal will increase the already high compliance burden on all financial institutions. It will also fundamentally change the nature of the information depository institutions are required to report on their account holders, creating new concerns regarding data security and privacy.

Credit union associations have issued an action alert calling on credit union leaders to oppose new reporting provisions that would require financial institutions to report additional detailed account holder information. All consumers are encouraged to take action and contact your members of Congress today, in opposition to this potential IRS reporting provision. Use this ready-to-send form to send your message!